There are many kinds of national debt, which can be divided into three types according to the form of national debt, namely: bearer (physical) national debt, voucher national debt and book-entry national debt. Bearer bonds are relatively rare, and the latter two are the main forms at present. \ x0d \ x0d \ (1) bearer (physical) national debt \ x0d \ x0d \ bearer national debt is a kind of bond with no creditor's name or company name on its face, which is usually issued in the form of physical bond, also known as physical bond or national debt. \ x0d \ x0d \ bearer from bond is a national debt with the longest issuance history in China. Since the founding of the People's Republic of China, the national debt issued in the 1950s and after 198 1 is mainly bearer from bond. \ x0d \ x0d \ is sold to the public through bank savings outlets, treasury bond service departments of financial departments and business outlets of treasury bond institutions, and investors can also use securities accounts to entrust securities institutions to purchase on the stock exchange floor. \ x0d \ x0d \ Cash payment by bearer of bonds shall be handled by banks, postal savings outlets and financial bond intermediaries; Or carry out on-site exchange at the trading place. \ x0d \ x0d \ bearer treasury bonds have the following general characteristics: bearer, no loss reporting, and can be listed and circulated. Because it is anonymous, it does not report the loss, and its security is not as good as that of voucher and book-entry treasury bills, but the purchase procedure is simple. Because it can be listed and transferred, it has strong liquidity. The listing transfer price depends on the supply and demand situation in the secondary market. When the market factors change, its price will fluctuate greatly, so it has the opportunity to obtain greater profits, but it is also accompanied by certain risks. Generally speaking, bearer from bond is more suitable for financial institutions and buyers with strong investment awareness. \ x0d \ x0d \ (II) Voucher-type treasury bonds \ x0d \ x0d \ Voucher-type treasury bonds refer to the treasury bonds issued by the state without printing physical bonds, but filled in with "treasury receipts". China began to issue voucher-type government bonds from 1994. Certificated government bonds are similar to bank time deposit certificates, and the interest rate is usually higher than that of bank deposits in the same period. They are similar to and superior to savings, and are often called "savings-type national debt", which is an ideal investment method for individual investors with the purpose of saving. \ x0d \ x0d \ voucher treasury bonds are issued to the public through the savings outlets of banks and the treasury bond service department of the financial department, mainly for ordinary people. Investors can register and report the loss of interest from the date of purchase, but they cannot be listed and circulated. \ x0d \ x0d \ If investors want to realize the voucher-type government bonds after purchasing them, they can redeem them in advance at the original purchasing outlets. When redeeming in advance, in addition to repaying the principal, interest will be calculated and paid according to the actual holding days and the corresponding interest rate grade, and the handling agency will charge a handling fee of two thousandths of the redemption principal. For the voucher-type government bonds redeemed in advance, the handling outlets can also sell them twice. \ x0d \ x0d \ Compared with savings, the main features of certificate-based national debt are safety, convenience and moderate income. Specifically: 1. There are many sales outlets of voucher-type treasury bonds, which are convenient to purchase and redeem and simple in procedures; 2. You can report the loss in real name and keep it safe; 3. The interest rate is higher than the bank deposit rate of the same period 1-2 percentage points (but lower than bearer and book-entry treasury bonds), and the interest is calculated progressively according to the holding time when redeeming in advance; 4. Although the voucher-type treasury bonds cannot be listed and traded, they can be redeemed in advance, which is flexible and the location is nearby. If investors have special needs, they can exchange cash at the original point of purchase at any time; 5. The interest risk is small, and the interest is calculated in advance according to the holding period and the interest rate of the corresponding grade. The interest rates of all grades are higher than or equal to the bank deposit rates for the same period, so there is no risk that time savings deposits can only be withdrawn in advance and bear interest on demand; 6. There is no market risk, the certificate-based government bonds cannot be listed, and the price (principal and interest) at the time of early redemption does not change with the change of market interest rate, which can avoid market price risk. \ x0d \ x0d \ (III) Book-entry treasury bonds \ x0d \ x0d \ Book-entry treasury bonds, also known as paperless treasury bonds, refer to the treasury bonds registered and held by investors in securities accounts, and investors only obtain receipts or statements to confirm their ownership. \x0d\\x0d\ China introduced book-entry treasury bonds from 1994. Book-entry treasury bonds are characterized by paperless bonds. Investors do not get paper coupons or vouchers when they buy them, but record them in their own bond accounts. Its general characteristics are: 1. Book-entry treasury bonds can be registered to report the loss, and the issuance without bonds can prevent the loss, theft and forgery of securities, with good security; 2. It can be listed and transferred, with good liquidity; 3. The term is long and short, but it is more suitable for issuing short-term government bonds; 4. Book-entry treasury bonds are issued through the computer network of the exchange, which can reduce the cost of securities issuance; 5. After listing, the price will go with the market, and it is possible to get more benefits, but it is also accompanied by certain risks. \ x0d \ x0d \ It can be seen that book-entry treasury bonds have the characteristics of low cost, good income, good security and strong liquidity. \ x0d \ x0d \ Because of the issuance and trading characteristics of book-entry treasury bonds, it is mainly designed for individual investors with strong financial awareness and institutional investors with cash management needs, and it is designed for the preservation and appreciation of their assets. Investors trust it in the seats of designated securities firms, which is convenient for circulation and trading, strong in liquidity, not easy to lose, and can also obtain high returns by buying low and selling high. \ x0d \ x0d \ bearer, voucher and book-entry treasury bonds have their own characteristics. From the perspective of profitability, bearer bonds and book-entry bonds are slightly better than voucher bonds. Generally speaking, the coupon rate of bearer bonds and book-entry bonds is slightly higher than that of voucher bonds with the same maturity. In terms of security, voucher bonds are slightly better than bearer from bond and book-entry bonds, and the book-entry bonds of the latter two are slightly better. In terms of liquidity, book-entry treasury bonds are slightly better than bearer from bond's and bearer from bond's.